Macy’s continues to shed real estate in an effort to “optimize its real estate portfolio” nationally, and better compete with online shopping options. The giant retailer is closing its high-profile Men’s Store in San Francisco’s Union Square, and is negotiating a sale of the 263,640-square-foot property with an undisclosed party, which plans to redevelop the site.

The potential buyer could be Tishman Speyer, which Macy’s engaged last year to explore CRE options. If a deal is completed, the 120 Stockton St. location would be shuttered, and a new men’s shopping experience will be built within Macy’s flagship store across the street at 170 O’Farrell St. (pictured above)

Cincinnati-based Macy’s reportedly plans to close 100 more stores, reducing its 728 store count by roughly 14% percent. Since 2010, Macy’s has closed 90 stores and opened 13 new ones.

*In early November it was reported on Macy’s earnings call that the sale of the Men’s Store was valued at $250 million. The buyer was reportedly Morgan Stanley.